By no means is ON Semiconductor (ON) an easy trade to navigate. Investors are increasingly skeptical about execution risks, particularly tied to how the tech company can fully integrate its $7 billion all-stock deal to buy edge-AI and connectivity chipmaker Synaptics (SYNA). At the same time, the strategic decision should help the firm gain additional ground in the competitive AI ****** e, thus raising an interesting question for ON stock.
Basically, there's a compelling quantitative case that the ticker could be a discount, at least in the near term. It's not a matter of opinion but rather inductive logic. Previously, when ON stock suffered similar bearish cycles, the share price popped higher — perhaps due to dead-cat bounce mechanics — before settling into a consolidatory range.
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ON Semiconductor Corp (NASDAQ:ON) is one of the best stocks to buy according to David Greenspan's Slate Path Capital. The stock makes up 7.2% of the equity portfolio. ON Semiconductor stock is already up more than 60% year-to-date, and ******* ysts see it rising more.
On June 29, Cantor Fitzgerald lifted its price target on ON Semiconductor Corp (NASDAQ:ON) shares to $110 from $100 while maintaining a Neutral rating on the stock. The brokerage noted that the AI infrastructure buildout is fueling demand for semiconductor components. It noted that industry revenue could hit $3 trillion by 2029 and expand to over $3.5 trillion by 2030.
Notably, Cantor Fitzgerald updated its call on ON Semiconductor on the back of the company's deal to acquire Synaptics. ON Semiconductor, also known as Onsemi, expects the Synaptics deal to strengthen its AI business and expand its total addressable market by $30 billion to $243 billion by 2030.
The $7 billion all-stock Synaptics deal is expected to close in mid-2027 and bolster the company's capability to meet the demand from customers seeking intelligent systems.
Arizona-based ON Semiconductor Corp (NASDAQ:ON) manufactures and supplies power and signal management semiconductor components that support a variety of applications. The company's products are used in defense systems, industrial systems, medical devices, cars, and consumer products.

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onsemi shares sold off sharply after the company announced an all-stock deal to acquire Synaptics.
The acquisition would expand onsemi beyond power and sensing into connected compute, control and edge AI.
Dilution and execution risks remain, but the deal could strengthen onsemi's long-term physical AI strategy.
onsemi's (NASDAQ: ON) stock price imploded by more than 25% following the unexpected acquisition of Synaptics (NASDAQ: SYNA). The critical detail (the one triggering the sell-off) is what the market got wrong: this isn't a desperate grab at acquisitional growth, diluting shareholder value for limited gain, but a strategic push into physical AI.

ON Semiconductor (ON) cratered on June 26 after the company signed a definitive agreement to buy San Jose-headquartered edge-AI and connectivity specialist Synaptics (SYNA).
The announcement of this all-stock transaction shaved billions off ON's market cap and pushed it decisively below its 20-day and 50-day moving averages (MAs), indicating shifting momentum in favor of the bears.
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